Firstplus PPI claim after receiving cashback

amersall

supernanaangel wrote: »

hi everyone i am new to this forum today and hope i am using it right. i have just had a ppi cashback cheque from fp but i have a complaint going through with the ombudsman for mis-sold ppi. my question is if i cash this cheque will it interfere with my claim. thank you to anyone that can help me

If the loan was with FP and you did not use a broker then dunstonh is correct.

If it was through a broker, then the loan will not be reset, this alone will cost you thousands over the remaining term with interest as the whole PPI is still on the loan.

2013

"HAVING SAID ALL OF THAT

People have had the cash back, the redress was paid back to the loan and the loan reset without PPI, they should be able to do this."

And this is exactly what I want them to do. I know we had the cashback and loans.co have sent me the settlement (£7,500 + £3000 8%) Im desperate to pay the money to FP and get my loan rescheduled but FP keep point blank refusing to do so! They say we're not entitled to have it looked at and the £7,500 can only be used as a partial payment. I think its because loans.co.uk have not sent any communication directly to FP about the upheld complaint. I've asked them to but they've refused. I spoke to somebody half decent today at FP who seemed to get it, I've e-mailed her with a cover letter and copies of upheld complaint letter, offer letter and proof that loans.co.uk have paid money into my account. I'm hopeful that all this proof of an upheld complaint will lead them to do the right thing, fingers crossed.... or its off to the ombudsman we go!

Thanks for your help Amersall.

amersall

Good for you not letting this go :T
Let me know how you get on.

2013

Hi Amersall,

I wrote an e-mail to FP asking for an explanantion as to why they seem to be unable to re calcualate our loan withtout the PPI. I addressed it to the chairman and got a response the same day. The lady promised to look into it and get back to me quickly which she did. But unfortunately, their final answer is that we can pay the £7,500 off the loan as a partial payment but they wont be re calculataing our loan and putting us in a position as though we'd never had ppi, blah blah as we have had the cashback.

I honestly dont understand it as loads of FP customers have had the cashback and had their loans re set after an upheld complaint. Look at Mrs Bunnys example earlier on in this thread. I cant see why we're any different.

So, because thats their final response (shes putting it in writing) and I still don't get it, I have no option but to ask the FOS. If they say no, I'll accept that but I still feel like FP are trying to pull a fast one.

I had hoped to put an end to this but unfortunately not, thanks again for your help.

amersall

Sorry to hear this, send a complaint to FOS anyway, explain what the situation is and ask how they cannot reset the loan, your best bet is to complain about L.UK too as they should take some responsibility regarding this PPI.

I think it is because the broker paid the cash back and not FP, others have had loans reset after cashback, mrsbunny did as this was direct with FP.

benzoid

just like to say hi to everyone found this thread on firstplus as i have had a loan with these.

i took out a loan with first plus and have gone through the same as everyone else regarding the ppi.i had my cash back in 2006 and didnt realise i was still paying ppi to the loan term as no one told us it was a second loan.
i used the template letter off this site and wrote to first plus and got a reply back from them this morning telling me they cannot do anything or give any ppi back as we originally went through loans express ltd and they have now stopped trading so in other words get lost there's nothing you can do?they have told me to go and claim it back from financial services compensation scheme.
does this mean first plus can get away with not sorting the ppi with us as we have agreements with them to?

[Deleted User]

benzoid wrote: »

they have told me to go and claim it back from financial services compensation scheme.

Good advice. Get in touch with FSCS who can advise you further. No point approaching First plus if they didn't sell you the PPI.

benzoid

thanks for the reply the agreement is with first plus it shows the ppi on there agreement all loans express did was find the lender we never signed anything with them this is what i don't understand?

amersall

It is loans express that sold you the loan and PPI, First Plus provided the cash.
Put the claim into FSCS, just to let you know, the loan will not be restructured and they may take the cashback off any money you are due.

madgagoo

Hi,

This is a question on behalf of my father in law.

He took out a FP loan (with PPI that he was told he had to have).

£37k loan with PPI of £9.6k in 2006.

He is now in a position to clear the loan and has been given a settlement figure of £38000. Do you think this calculated using rule of 78 on the £37k or, as I suspect, simple interest on the whole, £46.6k, loan? Both methods give a current repayment amount of roughly £38k but if it's rule of 78 then I'll challenge that as well. They close at 5.30pm so haven't been able to speak to them to confirm.

I am going to help him in putting a PPI mis-selling claim in but is it better to clear the loan and then put the claim in or to wait until the PPI mis-selling has gone through and then clear the loan?

Thanks in advance for any help.